My extreme near-term work is starting to give me very preliminary indications that the ProShares UltraShort SPY (SDS) has seen its worst levels of the session and that it is in the process of turning up after the conclusion of the decline from Monday's high at 84.27 into this morning's low at 76.16. Although my micro work leaves open a scenario that calls for one more loop down to 76.00, if the current rebound manages to climb above 78.50/80, I will no longer expect a retest of 76.00. Instead, the SDS will be telling us that a new upleg is in progress that should thrust right to test the Jan-Feb resistance line, now at 83.30.
